Nitin
23 September 2015 at 18:14
What is the current status of jurisdiction in dishonoured cheques as per notification or any bill ,law passed recently?
Gaurav Gujrati
08 September 2015 at 15:09
Sir,
If the company takes loan from the private bank and that bank is also shareholder of the company and thereafter the company fails to pay their loan amount in spite of various request made by the bank. In that condition can bank file a petition for winding up of the company for recovering their loan amount ????
Thanks & Regards
Gaurav
Bhavita
08 September 2015 at 14:39
Hi,
I had made exports under 90 days Usance LC to a foreign buyer. My export bills ( three in total )were discounted by bank as per my existing limits with them. However on due date, the LC issuing bank refused to honour/ Pay citing that they had negotiated the documents under “URC 522 (collection basis)” for all the three shipment / documents negotiated. Now, on taking up the issue with my banker here, my Indian bank says that they had negotiated and discounted the bill because they had received Acceptance on all three occasions from the LC issuing bank, and are asking me to pay up instead of accepting their fault in MISHANDLING OF DOCUMENTS and demanding the rightful dues from the LC issuer. On asking for the communication of swift exchanges between the two or the email exchanges, my bank here had always denied providing me the documents citing some reason or the other despite several reminders via email, msgs and orally to them for nearly 4 months. Only after sending them a notice under RTI, they provided me the communications between them and the LC issuing bank. To my utter shock, the contentions of the LC issuing bank were found to be true . Every swift communication sent by then to our bank here mentions “MSG UNDER URC 522”. This clearly shows the Blunder committed by my negotiating bank in handling documents and reading the swift communication / ACCEPTANCE messages properly causing ultimate losses to me. Had they noticed it in the first instance itself, we would have been in a position of not accepting their contention and would have been in a position to recall the goods back. Not to mention that further shipments would never have been sent. You will agree that it’s just because of their foolishness if i may call it; they have put me in this situation of heavy loss.
Fortunately for me (I guess), I had taken an SSI individual shipment policy from ECGC against the LC issuing bank and the exports. The claim for which is still pending with ECGC and is under process and review.
Now, they (my bank) have approached the DRT and have filed a case against me and they have issued me a notice under Sarfasai Act asking me to pay up all the bills discounted with huge interest, close the existing OD limit with them and have marked my account NPA. Or else they will seize auction off my property mortgaged with them.
My questions are:
1) Is my negotiating bank’s action justified in ignoring the swifts sent under URC 522 and now claiming upon me?
2) Is there any action I can take against the negotiating bank for its Blunder committed which has caused me heavy loss?
3) Is there any action we can take against the LC issuing bank ?
4) Is the negotiating bank justified in filing claim with DRT even if the fault is on their part?
5) Can the negotiating bank file a case , mark my account NPA and issue me notice even when a claim is still under process/ pending with ECGC ?
(In a smilar query of Sarfasai notice when ECGC claim is still pending on this forum Lawyer Club of India ( some two years back) on an query from one Mr Mehta Harish, Experts – Mr Raj Kumar Makkad and Devjyoti Bhramman had replied that the notice is illegal).
Kindly advice further.
Punit Kumar
28 July 2015 at 14:58
Sir, i want to know that Is it possible to know outstanding sales tax on my firm with the help of TIN.
thanks in anticipation
Subrat Patra
23 July 2015 at 12:30
Hi,
We are a startup and just got incorporated (17th Jul'15). Me and my wife are the directors in the new company with a 1L capital. The company will provide online gaming solutions to enhance skills of individuals (primarily children) through a subscription based revenue model.
In order to start the operations we would need funds and hence will be appointing a 3rd Director (NRI friend) into the company. Once inducted we would look at a Loan from him which will be a convertible debt. An agreement will be executed highlighting the terms and conditions of the loan conversion to equity. The important one's being the following:
1. Interest rate of 9%
2. Tenure of 2 yrs
3. Conversion to happen when 2nd investor is wiling to invest
4. Valuation to be mutually agreed upon between Company & 2nd investor
5. Conversion to Equity @ Discount of 20%
Loan amount to come from his NRE/O account. He is also ok to transfer the balance fund directly to the company's account. The whole amount will come over a period of 3-6 months.
Pls suggest the most appropriate way of executing the whole transaction and the compliances involved.
Regards
Subrat
7866_mee
22 July 2015 at 20:23
Hi Experts,
Mine is a partnership firm. We are 3 partners. We would like to convert our partnership firm to Pvt.Ltd company for the following :
1. The funds i have got from my well wishers, i would like to return them with shares so that liability on my part is reduced and that would give them advantage to transfer their shares to some interested party or sell them back to my pvt.ltd . Which is possible ? is this a good move ? or should i have to first clear thier dues , close down the partnership and then as a fresh start open up pvt ltd company .....
2. i would be able to expect more funds for expansion from other ppl/VCs where currently i have to do temporary adjustments like borrowing from others or mortagaging gold etc.
3. As a director, can i freely put in funds in to the company and take out funds for self as i have been doing while in partnership firm ?
4. suppose i take goad loan or additional bank loan as temporary measure to accumulate funds to put in the company for operations/expansion . Will all the shareholders also be affected with this decision ?
4. what are the documents needed from my side to convert partnership to pvt ltd ?
5. what will be the cost of conversion ? how do i calculate how much it will cost me ?
Please help in clarifying. Your help is very much needed.
Thanks
Mohammed Uvais
Guddoo Yadav
30 June 2015 at 23:43
Dear Sir,
I am a Franchisee of a Company ( Franchisor) in Indore as a Customer Service Point (CSP) Under Bank Financial Inclusion.
For taking this Agency i have paid Rs. 20000/ to the Franchisor ( Bussiness Correspondent) for Registration, Training and License.
But The Franchisor is not provide support and service to me . The Reason are given below :
1) There is no Advertisement support provided.
2) Commission not paid on time.
3) We have not received commission of August & Septmeber Month of Yrs. 2014 till date which is Total Rs. 10000/-
4) Also the BC ( Franchisor)is Sharing our Performance Pay given by Bank to CSP
(Franchisee)
When i Complaint to the Franchisor that i am not satisfied with your company and services provided and asked to refund the money then they are not ready to refund the Amount of Rs. 20000/ . Their Court Jurisdication is Indore and My Office is in Mumbai.
Therefore i request you all to please advise me what kind of action i take against the Franchisor.
nemish jain
23 June 2015 at 11:54
sir,
i am a small businessmen,
and is working in scrap business
I took a bank Loan from a concerned bank,which included the terms that
you r not supposed to operate with other bank except the concernced bank Account from were i took the loan
i had an bank to be dealt for my inter bank transactions.
the bank noticed from my balance sheet that
i had some other bank besides the concerned bank
so they charged me the penal interest @ 2percent on loan account
pls help me to deal it for refund
Goapl Garg
18 May 2015 at 08:53
My family consisted of my Grand Mother-father-mother-myself(23yrs old son,student)-my sister(19yrs old student).My father was a working Director in a private ltd company and had demised recently one year ago.After his demise we came to know that our residentail house was under a mortgage for a loan of his employer company. Myself and my sister stay in two different city for study purpose.After demise of my father and we brother-sister in college campus, my mother and grand mother have been made to sign documents pertaining to the mortgage continuation by employers. we, brother-sister have not signed any document as yet.There have been good relations and the employers were also good people.Now we came to know that the employers could not make payment to Bank.
About six months ago Bank sent four separate notice vide section 13-2 of sarfasi act asking us to make payment of the full loan we all four have been described as gurantors being legal heir to my father. A protest letter was sent to bank on my and my sister behalf that we have never been a party to any documents and execution and can not be asked for payment and can not be termed as gurantors, just we are legal heirs.The Bank deleted our names(my and my sister:s) from all of the letters etc issued thereafter.Now suddenly the Bank has pasted a Notice on the wall of of our house under section 13-4 and have got it published in two newspapers. and in both pasted notice and newspaper insertion our names have also been re-added as Gurantors.
Sir, we brother-sister are student, do not have any finance, and have not signed any kind of documents any time and we are now facing very bleak situation in society, circle, college-university and we stand to face a lot of issues in our carrear, employment and higher studies by being entangled in such issue.
We sincerely seek advise:
01. Have we brother-sister become Guarantor without executing/signing any documents just because we are legal heirs of our father?
02. Is the Bank rightfull to treat,brand us as guarantors and do the same treatment with us what it can do with my grand mother and mother?
03. How can we discharge any liability of the employers(big amount) when we do not earn etc?
04. If Bank is not correct then what should we do ?
05. Can we ask bank to withdraw both the notices? in the way they have issued them?
The matter is very serious and urgent.
Please advise us.
Thanks in advance
Member Strength 9,48,177 and growing..
© 2024 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
Notice for non filing of it return a.y.-2013-14
one of my client received a income tax notice for non filing of i.t. return A.Y-2013-14. In notice saws that a time deposit of Rs. 100000/- is noticed by I.T. Department in that A.Y. Now my Question is what should do now. The time of Return filing of A.Y.-13-14 has been passed away. Can assessee file a Return A.Y.-13-14 now because 31.03.2015 is ended?. What is the solution of this problem? Please answer any one. If he has taxable income in that A.Y. than can he file Return for A.Y.-2013-14? if yes than what will me mode of filing Return mannual or online? Will it not attract penalty ? And if he has no taxable income in that A.Y. than what should he do?